North-West England Property Prices Rise 11.9% This Year
According to figures released by HMRC the number of property transactions in March reached 180,690, double the amount in March 2020 when lockdown started and the highest monthly figure ever recorded. Separate figures from the Office for National Statistics showed that house prices in England increased 8.7% year on year with the North-West leading the way at 11.9%. Industry insiders believe that travel restrictions and improved consumer confidence along with the usual summer uptick will ensure upward price pressure in general.
Posted by: Kelvin Tayfield, Sat, Apr 24th 2021
Stamp Duty Holiday End Unlikely to Affect UK Property Prices
According to research by leading property firm, Knight Frank the stamp duty holiday hasn’t had the impact many believe it has particularly in the lower value segment. Their study revealed a 30% year on year increase in properties going under offer. Analysis by segment show that properties below £500k where the stamp duty saving is most significant saw a below average increase. The biggest increase was seen in the £500k-£1m band with a huge 57% increase. Further analysis by Knight Frank showed the number of exchanges above £1.5m where stamp duty savings are insignificant increased 56% year on year.
Posted by: Kelvin Tayfield, Sat, Apr 17th 2021
Supply Shortage, Generous Credit Terms Continue to Spur UK House Price Growth
UK house prices grew by 6.5% compared to March 2020 with 1% growth last month alone despite the impact of Covid-19 on the economy. The supply shortage, government stimulus measures, vaccine roll outs and bank liquidity are expected to continue to drive this growth through the summer months. In addition, we should see increased activity from international investors as travel opens up with Middle Eastern buyers expected to lead the way.
Posted by: Kelvin Tayfield, Sat, Apr 10th 2021
Two of the Fastest Moving England Property Markets are in Greater Manchester
Data recently released by UK property portal Zoopla revealed that the two fastest moving market in England is Wigan with Salford in joint second along with Redditch, Knowsley, Sheffield and Medway. Homes in Wigan are sold in only 26 days while in Salford and the others it takes 27 days. Salford is set to continue this pace as it benefits from having the fastest growing tech hub in England, MediaCityUK. Zoopla data also showed that units priced between £150,000 and £200,000 are the quickest to sell.
Posted by: Kelvin Tayfield, Sat, Apr 3rd 2021
Manchester to Benefit from BBC Expansion in MediaCityUK
Last week the BBC announced that it will move additional jobs to the Northern Powerhouse, England’s second city. The national broadcaster plans to move a number of departments including their technology and digital teams to their Salford base which it established in 2011. This move was followed by many large companies making MediaCityUK a leading technology hub. For 2020/21 Manchester was voted the best city for business in Europe and saw the largest investment in office space outside of London. Despite many jobs being lost across the country Manchester announced 7,000 new jobs in seven months, a number which will be further boosted by the BBC plans.
Posted by: Kelvin Tayfield, Sat, Mar 27th 2021